MasTec upgraded to Buy from Hold at Truist

Truist analyst Jamie Cook upgraded MasTec (MTZ) to Buy from Hold with a price target of $173, up from $133. MasTec has been one of the best performers among the analyst’s coverage year to date, but the firm still believes there is a significant opportunity for the stock to re-rate as the top line and margin performance improves for the company’s Power Delivery, Clean Energy & Infrastructure, and Communications segments, the analyst tells investors. The primary reason for the firm’s prior Hold rating was that the margin performance in Power Delivery, CE&I, and Communications had been underperforming, but these businesses are now turning the corner, the analyst added.